Corn stocks in the United States Sept. 1 were larger than expected, pressuring corn futures lower and other crop prices, including canola were also pulled down early, but oilseeds later recovered.Canola closed higher, lifted by soybeans late in the session as traders shifted their focus from the stocks report released in the morning to the large weekly soybean exports at 1.74 million tonnes, significantly more than the forecast of 950,000 to 1.2 million tonnes.Also supporting canola was good processor demand.The U.S. Department of Agriculture corn stocks number was 21 percent higher than the average of traders’ forecastsSome traders believed the high number reflected the early start to harvest and might include new crop inventory, but USDA said its survey is designed to ensure only old crop stocks are included.The larger carry in stocks reduced traders’ concerns about disappointing yields in the early corn harvest.December corn closed down 9.25 cents at $4.9575 US per bu.The wheat and soybean stocks numbers varied little from expectations.While early harvest reports show lower then expected U.S. corn yields, there are early reports of higher than expected soybean yields.Another factor limiting soybean advance was rain in Brazil.Closer to home, Saskatchewan Agriculture said harvest had progressed to 29 percent by Sept 27, up 11 percentage points from the previous week.Dry sunny weather had the province’s farms out in force during the week, but the pace was far behind the five-year average of 75 percent.By crop, canola was 31 percent complete, barley 25 percent, spring wheat 16 percent, oats 15 percent, durum 12 percent and flax two percent.In Winnipeg, November canola rose $2.30 per tonne to $478.40 on 15,218 trades.The January contract rose $2.50 to $485.60 on 7,128 trades.The previous day’s best basis was $19.13 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.The 14-day Relative Strength Index for November was 72 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.Winnipeg October barley was steady at $179 per tonne. December fell $4.80 to $180.10.Chicago new crop November soybeans rose 7.75 cents to $11.0675 US per bushel. January rose 7.75 cents to $11.1575.December oats rose 6.5 cents to $3.42 per bu. March oats rose 6.25 cent to $3.5125. U.S. oat stocks were 117.5 million bu., down from 128.4 million last year at the same time.In New York, crude oil for November delivery rose $2.11 to $79.97 US per barrel.The Canadian dollar at noon was 97.11 cents US, little changed from 97.09 cents the previous trading day. The U.S. dollar at noon was $1.0298. The TSX composite index closed at 12,368.65, down 14.17 points. Gold, which hit a record high on Wednesday dipped on a couple of economic reports from the U.S. showing an improving trend in employment and economic activity.The S & P 500 Index fell 2.97 points to 1,144.73. For September, the TSX rose four percent and the S & P 500 rose 8.8 percent.
Canola closes higher
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